 \textit{Panel A: Serial correlation of productivity shocks in AR(1) model}  &  \multicolumn{2}{c}{ Productivity shock }     \\    
                    &\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}\\
    &&\\ \hline  
Lagged productivity shock&      -0.204&       0.148\\
&&     \\ Observations & \multicolumn{2}{c}{ 8779}    \\&& \\ \hline     
 \textit{Panel B: Production function coefficients in AR(2) model}  &  \multicolumn{2}{c}{log(Output) }     \\    
                    &\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}\\
    &&\\ \hline  
log(Labor)          &       0.598&       0.163\\
\addlinespace
log(Materials)      &       0.201&       0.111\\
\addlinespace
log(Capital)        &       0.355&       0.129\\
\addlinespace
One-year TFP correlation&       1.365&       0.263\\
\addlinespace
Two-year TFP correlation&      -0.407&       0.181\\
&&\\ Observations & \multicolumn{2}{c}{ 3571}    \\&& \\ \hline     
